Baywood buys Red Roof Inn near MIA

Miami's hotel market continues to remain strong due to growing tourism

Mar.March 25, 2019 04:30 PM

Red Roof Inn at 3401 NW 42 Avenue

Baywood Hotels paid $13.1 million to buy a Red Roof Inn near Miami International Airport, amid a growing hotel market.

The Maryland-based company bought the 200-room hotel at 3401 Northwest 42nd Avenue for $65,500 per room from Ontario, Canada-based Westmont Hospitality Group.

Westmont Hospitality Group previously paid $7.35 million for the 83,765-square-foot building in 1996, records show.

Miami’s hotel market has remained strong due to growing tourism. In the past five years, hotel rooms in Miami-Dade County increased 17 percent to 57,154, according to a recent report from the Miami Downtown Development Authority.

Baywood Hotels owns and operates more than $1 billion in assets and is active in South Florida. Led by Amit Patel, the company sold a 135-room Quality Inn in Doral for about $103,000 per key late last year, records show.

In February of 2016, Baywood sold the Holiday Inn Doral and the adjacent Staybridge Suites Miami for $36 million. The firm also bought the long-vacant Keys Bay Colony Resort in Marathon from the Peebles Corp. for $10.5 million in 2015.

Miami International Airport has seen a number of new hotels go up nearby. Last summer, Riviera Point Development Group secured a $16.5 million construction loan from Centennial Bank to help finance construction of a 155-key Radisson Red hotel at 3401 Northwest 25th Street.

Related Articles

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

Madison Realty Capital'a Josh Zegen and Fort Partners' Nadim Ashi  

Four Seasons in Fort Lauderdale scores $210M loan

Christopher Nassetta and Doubletree by Hilton Doral managed by Driftwood Acquisitions and Development

Hilton CEO warns against ignoring global warming threat

Rattan Chadha, Executive Chairman & Founder of CitizenM

CitizenM scores $48M loan to build Brickell hotel

Placeholder image

Blackstone sells Weston hotel for $12M

Rendering of One Eleven Wynwood Hotel by Sonder and Eduardo Vargas, Andres Hogg and Andres Klein

Sonder inks lease for flagship Wynwood hotel

A conceptual rendering and Lon Tabatchnick

Margaritaville developer plans another Hollywood hotel despite opposition

Ambassador Hotel Cooperative Apartments (Credit: iStock)

Copperline Partners closes on bulk co-op deal in Palm Beach